Finnish Earth observation company ICEYE announced on December 18 that it had extended its growth funding round, securing an additional $65 million (€61.98 million). With this latest funding, the company has raised over $500 million since its inception in 2014.
Founded a decade ago, ICEYE has established itself as a leading provider of synthetic aperture radar (SAR) satellite imagery and data services. Boasting the world’s largest fleet of SAR satellites, the company delivers high-resolution, real-time Earth observation capabilities under all weather and lighting conditions.
Record-Breaking Funding Efforts
On April 17, ICEYE announced the closure of a $93 million growth funding round. Today, the company revealed an additional $65 million secured through an extension of the round, bringing the total to $158 million. This new tranche included participation from prominent investors such as funds managed by Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev. The funding comprises a combination of debt and equity instruments.
“This extension of our growth funding round further bolsters ICEYE’s investment in its capabilities and enables us to respond even better to the growing demand for space-based technology in the global defense and ISR markets,” said ICEYE CFO Susan Repo.
Strategic Plans for Expansion
According to the company’s December 18 press release, the additional funding will support the ongoing development of ICEYE’s SAR satellite constellation and its intelligence, surveillance, and reconnaissance (ISR) platform. These advancements aim to strengthen ICEYE’s position in the rapidly evolving global defense and ISR sectors.
Progress in Satellite Deployment
ICEYE had set an ambitious target of adding 13 satellites to its SAR constellation in 2024. However, the company launched a total of seven satellites this year—three aboard a Falcon 9 rocket in March and another four in August. Despite falling short of its initial goal, ICEYE’s SAR constellation now comprises 38 satellites. Looking ahead, the company plans to launch 10 to 15 new satellites annually starting in 2025, according to an August 2024 press release.
This funding extension underscores the growing interest and investment in space-based technologies and highlights ICEYE’s role as a key player in the Earth observation and defense markets.